Beef Products Inc. laid off 700 workers in the wake of controversy over its Lean Finely Textured Beef, labeled "pink slime" in media reports. The company, which has filed a $1.2 billion defamation lawsuit against ABC News, saw annual revenues drop from $650 to $130 million following March 2012 broadcasts criticizing the product.
Source: Sioux City Journal
Posted on: May 20, 2013